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MeneameDue to disappointing results from initial production at the Pirquitas mine in Argentina, Vancouver-based Silver Standard Resources (TSX: SSO) revised down its output forecast for the mine to 1M-1.5Moz silver this year, the company said in its third quarter results report.
Silver Standard sold 56,388oz of silver in concentrates from Pirquitas in Q3. The mine started pre-stripping in July 2008 and up to the end of September 2009 moved 13.6Mt of waste ore and mined 499,600t of oxide and transitional ore, the report said.
As for financial results, Silver Standard took a US$95,000 net loss in Q3 versus US$12.0mn in profit for 3Q08, due mostly to development expenses at Pirquitas.
Cash used in operations fell to US$5.68mn from US$10.9mn. Cash used in investing activities rose to US$52.2mn from US$34.4mn, according to the report.
CEO Robert Quartermain said in a Friday conference call that the company has enough funds in hand to continue development but has not ruled out a financing to raise more proceeds.
As for the San Luis project in Peru, Silver Standard said in the call that it has completed a draft feasibility study and will release the definitive results in about three months, while it expects to file the project's EIS in 1Q10.
In Latin America Silver Standard also has the Pitarrilla project in Mexico's Durango state and the Diablillos project in Argentina's Salta province.
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